Ahead of Market: 10 things that will decide D-Street action on Friday
Nifty50 was below the 19,550 level.
Here's how analysts read the market pulse:
«On the daily charts, we can observe that the Nifty has closed below the 19,600 – 19,550 zone where multiple supports were placed. This is a sign of further weakness. On the way down it can slip further towards 19,500 – 19,440, which is the 78.6% Fibonacci retracement level of the rise from 19,224 – 20,222.
In terms of levels, 19,500 – 19,440 is the crucial support zone, while 19,625 – 19,650 shall act as an immediate hurdle zone,» Jatin Gedia, Sharekhan by BNP Paribas, said.
Rupak De, Senior Technical analyst at LKP Securities, said, «Nifty has experienced a significant correction as it was unable to maintain levels above 19,750. In the daily timeframe, the most recent candle has engulfed the bodies of the preceding few days' candles, which suggests a negative sentiment. The prevailing sentiment continues to favor selling during rallies.
Looking ahead, the Nifty may decline towards 19,250, with immediate support situated at 19,450. Resistance is positioned at the higher end at 19,600.»
That said, here’s a look at what some key indicators are suggesting for Friday's action:
US market
The Nasdaq lagged major U.S. stock indexes on Thursday as megacaps came under pressure with Treasury yields resuming their upward charge, while investors assessed fresh economic data and awaited Federal Reserve chief Jerome Powell's remarks.
